Pengram Corporation Enters Into Option Agreement to Acquire June Mineral Claims
05 Fevereiro 2010 - 10:59PM
Marketwired
Pengram Corporation (OTCBB: PNGM) (the "Company") announced today
that it has entered into an option agreement to acquire the June
Mineral Claims (the "June Claims") in the Alberni Mining Division
of the Province of British Columbia. The June Claims cover an area
of approximately 250 acres located 5.5 miles southeast of Gold
River, British Columbia.
The property was originally mined on a small-scale basis in the
1930's. There is approximately 120 feet of open cut workings on the
property.
In 1946, a geologist with the BC Department of Mines took 31
samples from the property for assay. The samples assayed in a range
from trace to 16 oz. per ton of gold and 22 oz. per ton silver,
with the average of the 31 samples being over one ounce gold and
five ounces silver. A number of the assays also contained copper,
lead and zinc.
A small sampling program by an independent geologist in 1977
confirmed the existence of the same suite of mineralization on the
property. Two samples taken across a vien exposed in workings on
the property returned the following values:
Sample No. Au oz/T Ag Oz/T Cu % Pb % Zn %
--------- ------- ------- ---- ---- ----
16211 0.672 6.73 4.68 0.70 0.33
16212 0.226 8.62 5.91 0.65 0.19
Although the sample values are quite high, the property is in a
rough-grade area and is accessible only by water with the result
that significant additional exploration work will be necessary to
determine if volumes of mineralization sufficient to make it
economical exists. The Company plans, subject to financing, to
commence exploration programs in the summer of this year.
Under the terms of the option agreement, the Company will
acquire a 100% undivided interest in the property, subject to a
royalty of 2% of net smelter returns by paying $33,000 and issuing
300,000 common shares in stages over a three year period.
Forward-Looking Statement
This document may include statements that constitute
"forward-looking" statements, usually containing the words
"believe", "estimate", "project", "expect", or similar expressions.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to, the
Company's limited operating history, future trends in mineral
prices, the availability of capital, geological or mechanical
difficulties affecting its planned geological work programs and
other risks detailed in the Company's filings with the U.S.
Securities and Exchange Commission. In particular, there is no
assurance that the Company will exercise the option or will obtain
sufficient financing to permit it to proceed with the proposed
exploration program and there is no assurance that economic volumes
of ore will be found by any exploration program. By making these
forward-looking statements, the Company undertakes no obligation to
update these statements for revisions or changes in the future.
Contacts: Pengram Corporation Richard W. Donaldson President,
Secretary and Treasurer (360) 255-3436
Pengram (CE) (USOTC:PNGM)
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